Crown Point Energy Inc revenue returned to growth in 2015: increased 38.3% vs. 34.4% decline a year earliner
23.03.2016 • About Crown Point Energy Inc (
$CWV) • By InTwits
Crown Point Energy Inc reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Crown Point Energy Inc doesn't have a profitable business model yet: 2015 ROIC is -33.8%
- The company operates at negative EBITDA Margin: -65.6%
- Crown Point Energy Inc spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 is 0.0%. Average EBITDA Margin for the same period was -21.5%0
- Crown Point Energy Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 178.8%. At the same time it's a lot of higher than industry average of 73.4%.
- CAPEX is quite volatile: 8.4 in 2015, 2.8 in 2014, 11.8 in 2013, 97.4 in 2012, 283 in 2011
- The company has unprofitable business model: ROIC is at -33.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Crown Point Energy Inc ($CWV) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 3.020 | 8.386 | 17.655 | 11.580 | 16.010 | 38.3% |
| SG&A | | | | | 6.141 | |
| EBITDA | -1.756 | -1.583 | 1.762 | -0.111 | -10.496 | 9,361.1% |
| Net Income | -2.825 | -5.093 | -14.991 | -15.436 | -19.665 | 27.4% |
Balance Sheet
|
|---|
| Cash | 27.230 | 16.170 | 13.376 | 4.654 | 1.457 | -68.7% |
| Short Term Debt | 0.000 | 0.000 | 0.171 | 3.297 | 1.608 | -51.2% |
| Long Term Debt | 0.000 | 0.000 | 3.942 | 1.452 | 1.733 | 19.4% |
Cash flow
|
|---|
| Capex | 12.553 | 17.988 | 7.345 | 15.955 | 13.564 | -15.0% |
Ratios
|
|---|
| Revenue growth | 2,090.5% | 177.6% | 110.5% | -34.4% | 38.3% | |
| EBITDA growth | 11.1% | -9.8% | -211.3% | -106.3% | 9,361.1% | |
| EBITDA Margin | -58.1% | -18.9% | 10.0% | -1.0% | -65.6% | -64.6% |
| Net Income Margin | -93.5% | -60.7% | -84.9% | -133.3% | -122.8% | 10.5% |
| SG&A, % of revenue | | | | | 38.4% | 38.4% |
| CAPEX, % of revenue | 415.6% | 214.5% | 41.6% | 137.8% | 84.7% | -53.1% |
| ROIC | -9.9% | -8.4% | -7.7% | -8.6% | -33.8% | -25.3% |
| ROE | -9.4% | -8.1% | -22.3% | -30.8% | -39.7% | -8.9% |
| Net Debt/EBITDA | | | -5.3x | | | 0.0x |
Revenue and profitability
Crown Point Energy Inc's Revenue jumped on 38.3% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin dropped on 64.6 pp from -0.96% to -65.6% in 2015.
Net Income marign jumped on 10.5 pp from -133% to -123% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 84.7% in 2015. Crown Point Energy Inc showed big decline in CAPEX/Revenue of 130 pp from 215% in 2012 to 84.7% in 2015. For the last three years the average CAPEX/Revenue was 88.0%.
Return on investment
The company operates at negative ROIC (-33.84%) and ROE (-39.67%). ROIC dropped on 25.3 pp from -8.6% to -33.8% in 2015. ROE decreased on 8.9 pp from -30.8% to -39.7% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.4x and Debt / EBITDA is . Net Debt / EBITDA didn't change in 2015. Debt dropped on 29.6% in 2015 while cash dropped on 68.7% in 2015.
Appendix 1: Peers in Energy
Below we provide Crown Point Energy Inc benchmarking against other companies in Energy industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Petro Rio SA ($PRJ) | | -32.1% | -34.9% | 10,977.1% | -48.0% |
| ONEnergy Inc ($OEG) | | | | 6,002.6% | |
| Sterling Resources Ltd ($SLG) | | -94.8% | 4,514.9% | 2,244.4% | |
| Ikkuma Resources Corp ($IKM) | 22.5% | 17.0% | -4.5% | 1,231.1% | |
| Spartan Energy Corp ($SPE) | | 16.6% | 29.9% | 923.7% | -3.7% |
| |
|---|
| Median (162 companies) | 51.2% | 9.4% | 17.1% | 18.9% | -27.7% |
|---|
| Crown Point Energy Inc ($CWV) | | 177.6% | 110.5% | -34.4% | 38.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| TransAlta Renewables Inc ($RNW) | | | 94.4% | 94.5% | 94.5% |
| Advantage Oil & Gas Ltd ($AAV) | 70.5% | 62.0% | 84.5% | 92.5% | 88.5% |
| Freehold Royalties Ltd ($FRU) | 91.7% | 90.4% | 89.0% | 90.2% | 86.3% |
| MEG Energy Corp ($MEG) | 85.5% | 86.8% | 87.4% | 87.6% | 84.1% |
| NXT Energy Solutions Inc ($SFD) | -43.2% | 65.6% | 36.0% | 87.3% | |
| |
|---|
| Median (141 companies) | 34.2% | 29.3% | 31.6% | 29.6% | 36.7% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Seven Generations Energy Ltd ($VII) | | 56.9% | 54.0% | 106.0% | 70.0% |
| Tourmaline Oil Corp ($TOU) | 67.4% | 67.9% | 80.0% | 97.6% | 70.1% |
| Bonavista Energy Corp ($BNP) | 63.8% | 64.6% | 62.6% | 91.6% | 54.5% |
| Bellatrix Exploration Ltd ($BXE) | 42.7% | 58.6% | 83.6% | 89.6% | -115.8% |
| Advantage Oil & Gas Ltd ($AAV) | -4.0% | 5.2% | 66.1% | 87.8% | 81.8% |
| |
|---|
| Median (161 companies) | 25.8% | 25.0% | 31.5% | 29.7% | 8.1% |
|---|
| Crown Point Energy Inc ($CWV) | -58.1% | -18.9% | 10.0% | -1.0% | -65.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Oryx Petroleum Corp Ltd ($OXC) | | | | 1,997.8% | 712.8% |
| Petroshale Inc ($PSH) | 30.6% | | 346.6% | 865.9% | |
| Toro Oil & Gas Ltd ($TOO) | 192.4% | 139.0% | 39.2% | 808.7% | |
| Athabasca Oil Corp ($ATH) | 176.2% | 2,426.4% | 596.6% | 504.7% | 315.2% |
| BNK Petroleum Inc ($BKX) | 139.2% | 195.8% | 789.1% | 316.6% | 52.8% |
| |
|---|
| Median (164 companies) | 42.0% | 50.0% | 39.2% | 48.8% | 31.6% |
|---|
| Crown Point Energy Inc ($CWV) | 415.6% | 214.5% | 41.6% | 137.8% | 84.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Pason Systems Inc ($PSI) | 33.5% | 30.0% | 29.7% | 41.0% | 6.0% |
| Sea Dragon Energy Inc ($SDX) | -10.1% | 8.1% | 21.8% | 32.9% | |
| Raging River Exploration Inc ($RRX) | | | | 29.1% | 6.2% |
| High Arctic Energy Services Inc ($HWO) | 27.0% | 31.4% | 26.3% | 24.9% | 24.2% |
| Rooster Energy Ltd ($COQ) | | | | 22.9% | |
| |
|---|
| Median (167 companies) | 4.5% | 3.2% | 4.6% | 5.3% | -8.0% |
|---|
| Crown Point Energy Inc ($CWV) | -9.9% | -8.4% | -7.7% | -8.6% | -33.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Veresen Inc ($VSN) | 22.3x | 16.2x | 14.7x | 30.3x | 7.4x |
| Lightstream Resources Ltd ($LTS) | | 2.0x | | 27.8x | |
| Petroshale Inc ($PSH) | 0.1x | | | 21.7x | |
| Connacher Oil and Gas Ltd ($CLC) | 9.7x | 16.7x | 8.8x | 17.1x | |
| Pengrowth Energy Corp ($PGF) | 1.5x | 2.9x | 2.1x | 16.8x | |
| |
|---|
| Median (139 companies) | 1.2x | 1.6x | 1.5x | 1.4x | 2.8x |
|---|
